Half of the 200 insurers surveyed have budgeted core systems initiatives for the next 12 to 18 months, according to “US Insurance Market Core Systems Research,” a survey by Insurance Global Operations, an insurance software company.
“As satisfaction levels with legacy systems continue to decline and the industry confidence continues to grow relative to new and modern core processing systems, we expect to see an accelerated shift from the old to the new,” IGO said in the report. “P&C and Group Life carriers share similar satisfaction levels, challenges, and initiatives despite the differing lines of business, functionality, and processing needs.”
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